Ameriprise Financial (AMP) PT Raised to $318 at Jefferies

Jefferies analyst Suneet Kamath raised the price target on Ameriprise Financial (NYSE: AMP) to $318.00 (from $295.00) while maintaining a Buy rating.

The analyst commented, "Post AMP's 2Q:22 results, we raise our 2022 / 2023 EPS estimates from $23.65 / $28.15 to $24.30 / $29.10, largely on higher earnings in A&WM related to its cash business (i.e., bank deposits and cash sweep). As a result, our price target increases from $295 to $318. AMP's 2Q:22 RBC decline was notable, but its overall capital position remains very strong. Still, we would expect a negative read-across to other VA players (e.g., BHF, EQH, JXN and LNC)."

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